India Highlights Market Diversification, Structural Reforms Amid Global Shifts: FM Sitharaman At BRICS

New Delhi, July 8 (KNN) Finance Minister Nirmala Sitharaman on Monday outlined India’s strategic response to rising trade and financial restrictions, emphasising market diversification, infrastructure-led growth, and structural reforms to enhance productivity and competitiveness.

Speaking at the BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting in Rio de Janeiro, Sitharaman noted that India’s economic resilience was driven by robust domestic demand, sound macroeconomic management, and targeted fiscal measures. 

The event was held under Brazil’s presidency of BRICS and focused on global economic challenges and institutional reforms.

“India has demonstrated resilience through a combination of strong domestic demand, prudent macroeconomic management, and targeted fiscal measures,” Sitharaman said, according to a post by the Ministry of Finance on X.

Sitharaman highlighted India’s push for structural reforms and market diversification as key to mitigating external vulnerabilities and reinforcing its position as a growth engine in the Global South.

Underscoring the importance of BRICS as a platform for inclusive multilateralism, Sitharaman called on member nations to spearhead credible reforms in international financial institutions. 

“BRICS must amplify the voice of the Global South, especially when global institutions are facing legitimacy and representation challenges,” she said.

On climate action, the minister emphasised that the burden of achieving global sustainability goals should not fall disproportionately on the Global South. 

She advocated for balanced commitments and reinforced the role of BRICS in fostering South–South cooperation on sustainable development. “BRICS countries are well placed to deepen cooperation on sustainable development,” she noted.

(KNN Bureau)